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19550 Restaurant RowHouston, TX 77084
LA Fitness, Houston, TX
Asset ClassRetail
LA Fitness | 7.25% Cap Rate | 10+ Years of Term | Low Rent & Re-Commitment to Site | Houston Energy Corridor | Corporate-Backed Security
overview of deal

Overview

The NNN Fitness Group of Marcus & Millichap is pleased to present the opportunity to acquire a 45,000-square-foot LA Fitness in Houston, Texas. The property is leased to Fitness International, LLC (LA Fitness), the largest non-franchised health club operator in North America with 728+ locations and an S&P “B/Stable” rating. In 2020, LA Fitness executed a new 15-year lease extension, securing tenancy through October 31, 2035, with three additional 5-year options.

 

Built in 2005, the property sits on 3.78 acres with ±294 parking spaces and ranks in the top 12% of all U.S. fitness centers. Ideally positioned along I-10 with 229,000+ VPD, the site is surrounded by major national retailers including H-E-B, Lowe’s, Kohl’s, At Home, Ashley Furniture, and more. With a five-mile population of 258,662 and average household income of $104,544, this location benefits from strong demographics and a built-in customer base supported by new luxury residential development nearby.

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Investment Highlights

  • Long-Term Investment Opportunity
  • Prime Location in Thriving Market
  • Corporate-Backed Security
  • Top Performing Location & Built-in Customer Base
  • S&P Upgrade “B/Stable” Rating

INVESTMENT OVERVIEW

DEAL POINTS
PRICE
$11,265,500
CAP RATE
7.25%
NOI
$816,750
GLA
45,000 SF
YEAR BUILT
2005
LOT SIZE
3.78 AC
LEASE TYPE
NNN
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19550 Restaurant RowHouston, TX 77084

INVESTMENT CONTACTS

Tim SpeckBroker of Record

License #: 9002994

972-755-5200tim.speck@marcusmillichap.com
Mark RubleExecutive Managing Director602-687-6766mruble@marcusmillichap.com
Zack HouseManaging Director Investments602-687-6650zhouse@marcusmillichap.com
Chris LindSenior Managing Director Investments602-687-6780chris.lind@marcusmillichap.com
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Listing provided by Revere CRE